Post-GST, tax collection in Goa drops 22 per cent

08 October, 2017, 01:02 | Author: Samuel Sharp

"This will make the filing easy and the load on the system will go down drastically as 90 per cent of the tax payers have a turnover of less than Rs 1.5 crores who now have to file their GST on quarterly basis, in place of monthly one", said the Finance Minister.

The reverse charge mechanism has been deferred till August 31, 2018.

Under the current GST regime, eating out at restaurant can attract two tax rates - 12 per cent for non AC restaurants and 18 per cent at AC restaurants.

Under the changes, companies with annual revenues of less than 15 million rupees (US$230,000) will need to file taxes once a quarter instead of every month.

Merchant exporters will be able to avail of exemption under advance-authorisation, EPCG and 100% EOU schemes till the end of this financial year.

Government contracts involving high amount of labour will be charged 5 per cent GST.

October 7: Goods and Services Tax Network (GSTN) CEO Prakash Kumar on Saturday said over 64 lakh old taxpayers have migrated to the new taxation scheme, adding that returns from the month of July are still being filed.

The composition scheme, meant to ease compliance for small units, will be extended to businesses with a turnover of up to ₹1 crore a year from the previous limit of ₹75 lakh.

Facing severe criticism over the implementation of the Goods and Services Tax, the government October 6 announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery and man-made yarn, with a lot of them switched to five percent category.

The GST Council gave relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on various items.

Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent.

"Tax refunds to exports will start from October 10".

A new electronic e-wallet system is being created for exporters, which will be implemented April 1, 2018. The GOM will have to submit its report within a period of two weeks.

However, traders with a turnover of over Rs 1.5 crore will comply with GST norms as before where they will be filing returns monthly.

The second difficulty was that the duty credit scrips such as Merchandise Exports from India Scheme (MEIS) was losing value due to its reduced usability as it could no longer be used to pay IGST / GST. From 1 April an e-wallet facility will be available for exporters.

If GST on service is reduced to 10-percent, then scope of tax on service can be reduced from present 20 lakh per annum to five lakh per annum with those availing service worth more than five lakhs required to deposit GST directly to public-exchequer rather than routed through service-provider.

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